Qatar Energy to Build 18 LNG Vessels in China’s CSSC at the Cost of $6 Billion

QatarEnergy signed an agreement with China State Shipbuilding Corporation (CSSC) for the construction of 18 ultra-modern QC-Max size LNG vessels.  The deal, valued at nearly USD 6 billion, marks a significant addition to QatarEnergy's historic LNG fleet expansion program. 

Qatar Energy's Signing Ceremony of the LNG Deal with CSSC

Furthermore, the new vessels, with a capacity of 271,000 cubic meters each, will be constructed at China’s Hudong-Zhonghua Shipyard, a CSSC wholly-owned subsidiary, and will feature state-of-the art technological innovation and environmental performance. Eight of the 18 QC-Max-size LNG vessels will be delivered in 2028 and 2029, while the other ten will be delivered in 2030 and 2031.

The agreement was signed in Beijing by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and by Mr. Chen Jianliang, Chairman of Hudong‐Zhonghua Shipbuilding (Group) Co. Ltd. and Mr. Li Hongtao, Chairman of China Shipbuilding Trading Co. Ltd., during a special ceremony attended by senior executives from QatarEnergy, QatarEnergy LNG, and China State Shipbuilding Corporation.

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HE Al Kaabi stated, "With a total value of almost $6 billion for these ultra-modern, largest ever LNG vessels by size, the agreement we signed today is the industry's largest single shipbuilding contract ever. He added, "It is our honor to continue working with China State Shipbuilding Corporation and Hudong-Zhonghua Shipyard to develop and build some of the top-tier LNG vessels renowned for their exceptional environmental qualities."

The year 2023 also witnessed the participation of two of China’s national energy companies as partners in Qatar’s prized North Field Expansion projects

Last month, QatarEnergy announced the signing of Time Charter Party agreements for a total of 104 conventional-size vessels (174,000 cubic meters), constituting the largest shipbuilding and leasing program ever in the history of the industry.

Qatar Energy's Fleet Expansion Program

QatarEnergy, a global leader in the energy sector, has embarked on an unprecedented fleet expansion program, marking a significant milestone in the industry's history. The program aims to support and meet the future requirements of QatarEnergy's oil and gas projects.

In 2022, Qatar Energy signed a series of Time Charter Party (TCP) agreements for the long-term charter and operation of 60 LNG ships, concluding the first phase of its fleet expansion program. This initiative was the largest one-step ship acquisition program of any single entity in the history of the LNG industry.

On March 31, 2024, QatarEnergy signed additional TCP agreements with four international shipowners for the operation of 19 new, ultra-modern conventional-size LNG vessels. These agreements were part of the second ship-owner tender under QatarEnergy’s LNG fleet expansion program.

 The agreements cater for the operation of six vessels by CMES LNG Carrier Investment Inc., six vessels by Shandong Marine Energy (Singapore) Pte Ltd., and three vessels by MISC Berhad, all of which are being constructed at Samsung Heavy Industries in South Korea. Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering), also in South Korea, is building the remaining four vessels, which Kawasaki Kisen Kaisha Ltd. (K-Line) and Hyundai Glovis Co. Ltd. will operate as a joint venture.

These signings brought the total number of ships for which Qatar Energy has signed TCPs to 104. This massive undertaking is the largest shipbuilding and leasing program  ever in the history of the industry. These ships will support QatarEnergy's expanded LNG production capacity from the North Field in Qatar and Golden Pass in the U.S., while also meeting its long-term fleet replacement requirements.

Read: QatarEnergy Announces the Award of $6 Billion EPC Contract For OilField Expansion

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